Latin America Economic Forecast

Economic Snapshot for Latin America

May 19, 2022

GDP growth will slow in 2022

Regional growth will slow sharply this year on surging average inflation and higher interest rates. However, sky-high prices for key agricultural and energy commodities should support external sectors. Risks include further currency outflows as the Fed hikes rates, Covid-19 restrictions in China, new Covid-19 variants and sociopolitical unrest stemming from higher inflation.

Inflation to remain high in 2022

Regional inflation increased to 14.5% in April (March: 13.6%). Inflation is expected to remain elevated this year amid high commodity prices and de-anchored expectations in some countries, despite tighter monetary conditions and measures to limit price increases. Further currency depreciation and global geopolitical uncertainty boosting the U.S. dollar pose upside risks.

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